Fidelity is proposing to merge its 14-year-old International fund into a much smaller multi-manager product launched last year.
International, which has £209 million of assets under management, is run by Ayesha Akbar and Nick Peters as a large-cap direct equity strategy, with at least half its assets allocated to European companies.
Over the past three years it has returned 30%, a top-quartile performance in its Citywire Global High UK sector where the average fund has generated 24.6%.
Fidelity now plans to merge it into its £9 million Open World fund, which was launched in February 2013 and is managed by Ayesha Akbar and James Bateman (pictured).
It takes a multi-asset fund of funds approach, investing in other active products such as CF Morant Wright Japan as well as index trackers.
Since inception it has returned 13.4%, versus 14.3% from its MSCI AC World index.
'As a fund investing in other funds, the Fidelity Open World fund provides a structure that we believe offers greater investment opportunities and prospects for positive investment outcomes, along with the additional benefit of input from third-party investment managers,' a Fidelity spokesperson told Wealth Manager.
'The risk profile is not expected to change as a result of this merger, and it will continue to be managed by Ayesha Akbar with the same investment process and philosophy building on the wider Fidelity Solutions resources.'
If investors approve the merger, it is scheduled to take place in November.